Broker snap: Goldman Sachs 'neutral' on Polymetal

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02-11-2012 11:54

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Goldman Sachs has issued a 'neutral' recommendation on miner Polymetal International, despite increasing its twelve-month price target to 1300p, from 1160p.

Goldman analysts state that forthcoming improvements in free cash flow and dividends have been well flagged by the company and are largely reflected in the share price.

They add: "The stock now trades at a 2013 estimate price earnings ratio of 9.5 times and price to net asset value of 2.3 times (around a 50% premium to Central Eastern Europe Middle East and Africa gold peers). Our price target implies 17% upside potential, not sufficient for a more positive stance, thus we remain neutral on the stock."

CM

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